Vancouver’s home sale activity for October continued to trend well below historical averages as inflation and interest rates cool buyer sentiment.
Data from the Real Estate Board of Greater Vancouver showed October’s home sales dropped 45.5 per cent to 1,903 compared to the 3,494 sales recorded for the same month last year. Activity did jump 12.8 per cent on a month-over-month basis.
Still, the sales were 33.3 per cent below the 10-year October sales average, the board said.
“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options,” said Andrew Lis, REBGV’s director of economics and data analytics. “With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.”